SFL - Completion of new agreement with Frontline Ltd.
(Thomson Reuters ONE) -
Press release from Ship Finance International Limited, June 8, 2015.
Reference is made to the press release of May 29, 2015, announcing that Ship
Finance International Limited (NYSE: SFL) ("Ship Finance" or the "Company") had
entered into a heads of agreement to amend the long-term chartering agreements
with Frontline Ltd. ("Frontline").
The agreement is now completed, and Frontline has issued and delivered 55
million new shares to Ship Finance. The shares represent approximately 28% of
the total number of issued and outstanding shares of Frontline.
The Frontline shares are listed in New York and Oslo, and Frontline has agreed
to register the new shares for resale with the US Securities and Exchange
Commission and the Norwegian Financial Supervisory Authority, respectively. The
new shares will then be freely tradable for Ship Finance, and may be sold or
distributed to the Company's shareholders at a later stage.
June 8, 2015
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda
About Ship Finance
Ship Finance is a major ship owning company listed on the New York Stock
Exchange (NYSE: SFL). Including recent acquisitions, the Company will have a
fleet of 72 vessels, including 19 crude oil tankers (VLCC and Suezmax), two
chemical tankers, 22 dry bulk carriers (including 8 acquisitions), 17 container
vessels, two car carriers, six offshore supply vessels, two jack-up drilling
rigs and two ultra-deepwater semi-submersible drilling rigs. The fleet is one of
the largest in the world and most of the vessels are employed on long-term
charters. Ship Finance also owns approximately 28% in Frontline Ltd. (NYSE:
FRO).
More information can be found on the Company's website: www.shipfinance.org
Cautionary Statement Regarding Forward Looking Statements
This press release may contain forward looking statements. These statements are
based upon various assumptions, many of which are based, in turn, upon further
assumptions, including Ship Finance management's examination of historical
operating trends. Although Ship Finance believes that these assumptions were
reasonable when made, because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond its control, Ship Finance cannot give assurance that it will achieve
or accomplish these expectations, beliefs or intentions.
Important factors that, in the Company's view, could cause actual results to
differ materially from those discussed in this presentation include the strength
of world economies and currencies, general market conditions including
fluctuations in charter hire rates and vessel values, changes in demand in the
tanker market as a result of changes in OPEC's petroleum production levels and
worldwide oil consumption and storage, changes in the Company's operating
expenses including bunker prices, dry-docking and insurance costs, changes in
governmental rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general domestic and
international political conditions, potential disruption of shipping routes due
to accidents or political events, and other important factors described from
time to time in the reports filed by the Company with the United States
Securities and Exchange Commission.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ship Finance International Limited via GlobeNewswire
[HUG#1927012]
Unternehmensinformation / Kurzprofil:
Datum: 08.06.2015 - 16:10 Uhr
Sprache: Deutsch
News-ID 398934
Anzahl Zeichen: 4325
contact information:
Town:
Hamilton
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 165 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"SFL - Completion of new agreement with Frontline Ltd."
steht unter der journalistisch-redaktionellen Verantwortung von
Ship Finance International Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
